Junior Cash ISA

A tax free children's savings account. Lock some savings away until the child's 18th birthday.

Changes to terms and conditions

We are making some changes to our general account terms and conditions from the 8 June and will provide a ‘guide to changes’ that explains these in your account opening documentation.

Who this account is for

  • This account can be opened by someone with parental responsibility for the child, or if the child is 16 or 17 they can open the account for themselves.
  • You must be a UK resident to open the account.
  • The child must not already have a junior cash ISA or a Child Trust Fund unless they transfer it to this account in branch.

The benefits

  • Earn 2.50% tax free/AER variable interest on balances of £1 or more.
  • Save up to £4,368 this tax year. This is the limit across all of the child's junior ISAs this tax year.
  • The money is locked away until they turn 18. 

How it works

  • Open with just £1. Then save up to junior ISA limit each tax year. This is £4,368 this tax year across all the child's ISAs. Payments are gifts to the child and can’t be returned.
  • You can manage the account and view it's balance in branch.
  • You can't withdraw money. The account can only be closed early in special circumstances which you can see in the terms and conditions (PDF). When the child turns 18, it will change to an adult cash ISA and the money can then be accessed. 

Summary box for the Junior Cash ISA

1. What is the interest rate?

2.50% tax free/AER variable for balances of £1 or more.

Your interest is paid after each year on 31 March.

2. Can Bank of Scotland change the interest rate?

Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1025.00.

This assumes:

  • You make the deposit on the day you open the account.
  • You don’t add any more money.
  • The interest rate stays the same.

4. How do I open and manage my account?

Who this account is for

  • It's to save for someone under 18 years old.
  • They need to be resident in the UK.
  • They must not already have a junior cash ISA or a Child Trust Fund, unless it's transferred to this account. This can be done in branch.

Opening this account for a child under 16

  • You can open an account for a child if you're 16 or over, resident in the UK, and have parental responsibility for them.
  • If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
  • Open the account with at least £1.

Opening this account if you’re aged 16 - 17

  • If you're 16 or 17 you can open an account for yourself online or in branch.
  • You need to be resident in the UK.
  • Open the account with at least £1.

Managing this account

  • You can manage the account and view it's balance in branch.
  • There is a limit on how much can be added to a child's ISAs each tax year. This year, the limit is £4,368. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.

5. Can I withdraw money?

No. You can't take money out until the child turns 18.

You can't close it early, except in special circumstances which you can see in the terms and conditions (PDF).

When the child reaches 18 the account will change to an adult cash ISA. They will be able to continue saving tax free and will be able to withdraw money.

6. Additional information

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

Open a Junior Cash ISA today

  • You should read the summary box and the terms and conditions (PDF) before you apply.
  • You may be asked to visit branch with ID.
  • You cannot have a Child Trust Fund and a Junior Cash ISA. If the child has a Child Trust Fund already, they can visit branch to transfer it to a Junior Cash ISA.
  • To open an account for a child under 16, you must be 16 or over, a UK resident, and have parental responsibility for the child.
  • You can open your own account if you're 16 or 17 and a UK resident.
     

Open for a child under 16

Open for yourself if you're 16 or 17

Your money is protected by the FSCS